How do you prioritize strategic partners?

1 Define your goals

Before you start looking for potential partners, you need to have a clear idea of what you want to achieve with your partnerships. What are your business objectives, target markets, value propositions, and competitive advantages? How do you measure your performance and impact? How do you align your goals with your partners' goals? Having a clear vision and criteria for your partnerships will help you narrow down your options and focus on the most relevant and valuable ones.

2 Assess your capabilities

Another important step is to evaluate your own strengths and weaknesses as a partner. What are your core competencies, resources, and assets that you can offer to your partners? What are your gaps, challenges, and risks that you need to address or mitigate? How do you communicate, collaborate, and negotiate with your partners? How do you manage expectations, conflicts, and feedback? Being honest and realistic about your capabilities will help you identify your ideal partner profile and avoid mismatched or unrealistic partnerships.

3 Research your options

Once you have a clear picture of your goals and capabilities, you can start researching potential partners that match your criteria. You can use various sources and methods to find and evaluate partners, such as industry reports, online platforms, referrals, events, and networking. You should look for partners that have complementary skills, products, or services, share your vision and values, have a proven track record and reputation, and have a compatible culture and style. You should also consider the potential benefits and costs of each partnership, such as revenue, market access, innovation, learning, and brand awareness.

4 Prioritize your prospects

After you have a list of potential partners, you need to prioritize them according to their fit, feasibility, and attractiveness. You can use different tools and frameworks to rank and score your prospects, such as SWOT analysis, matrix models, or scoring cards. You should also consider the timing and urgency of each partnership, as well as the availability and interest of the partner. You should aim to create a shortlist of the most promising and realistic partners that you can approach and engage with.

5 Validate your assumptions

The final step is to test and validate your assumptions and expectations about your potential partners. You can do this by reaching out to them, conducting interviews, requesting proposals, or doing pilot projects. You should use this opportunity to verify their capabilities, goals, and fit with yours, as well as to build rapport and trust with them. You should also be open to feedback and learning from them, and be ready to adjust or revise your partnership strategy if needed.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?